SCBT Financial Corp., the Columbia-based parent of SCBT, reported a big boost in third quarter earnings Thursday on a spike in interest income.
SCBT said third-quarter net income reached $2.2 million, or 17 cents per share, compared with $124,000, or a penny a share, a year earlier.
The banking company's net interest income rose 7 percent to $26.4 million. A spike in home-equity loans helped offset a drop in construction and industrial loans.
"I continue to be pleased with our overall performance," SCBT chief executive Robert Hill Jr. said in a statement. "We are successfully navigating through this environment with a good net interest margin, good expense control and strong core deposit growth. ... However, we still have a lot of work to do with higher credit costs and problem loans."
Never miss a local story.
Loan charge-offs and loans behind in payments grew during the third quarter compared with both the second quarter and the same period a year ago.